GBP/JPY Tumbles Towards 209.00 as Sellers Gain Momentum
The GBP/JPY currency pair continued its downward trend on Wednesday, falling by over 0.17% and reaching near-weekly lows. Sellers pressed the downside, with the initial support level at 209.40 coming under strain. The focus shifted to the 209.00 level as bears challenged the resistance.
The broader technical bias remained bearish, supported by a downward-pointing Relative Strength Index (RSI). A clean break below 209.00 would bring 208.00 into view, followed by the September 17 swing low at 207.87 and then the September 8 swing low at 207.10.
Derivative traders were advised to prepare for deeper losses in the GBP/JPY pair as sellers challenged the 209.00 support. Buying put options or selling futures looked like the smartest play in the coming weeks, with a clean break below 209.00 likely triggering a quick drop toward 208.00 and the September 17 low of 207.87.